IOTA Unclaimed Tokens Claim by June 16, 2021 Else $120 M To be Used For Ecosystem

Now that IOTA is getting active, they have already published in their blog, “Users maintaining (or planning to maintain) a Chrysalis Hornet or Chrysalis Bee node can now upgrade their systems, using the respective latest releases (Chrysalis Hornet release, Chrysalis Bee release). The same applies to anyone intending to maintain a legacy IOTA node, for which we prepared a release as well.”

For clarity, “IOTA networks consist of interconnected nodes that run the same node software. This software gives nodes read/write access to the Tangle, allows them to validate transactions, and allows them to store transactions in their local ledgers.”

Running several nodes is important to increase the chances of your application connecting to an available node. Therefore, it is considered best practice to run one or more local nodes. Those who are looking to host nodes should ensure that they have sufficient computational power in their device.

Now, the Chrysalis upgrade is done, IOTA are trying to explain what they will be doing with the unclaimed tokens from previous periods.

This becomes important because regular upgrades, users, developers and node operators are required to make simple software updates. In some cases, when the changes are big and where the upgrade is not the right solution, users will be asked to migrate their funds as it can become impossible to provide for backward compatibility.

When most of these changes happen, there are situations where it becomes necessary for users to make a “token claim.” There is a small percentage of users who have not claimed their tokens for one reason or the other. And the rightful owners have not therefore taken claim of the token and it lays in the system idle.

Before the Chrysalis upgrade, all of the unclaimed tokens were held in wallets, and these were maintained by people related to the IOTA foundation through different custody wallets.

There was a vote on how the unclaimed tokens should be handled after the Chrysalis Upgrade. This just looks like the unclaimed tokens might be used for the benefit of the overall ecosystem.

Unclaimed tokens are from different legacy periods like 2016 to 2017 and others.  The claim process for these tokens is still ongoing and is open until June 16th, 2021.

The unclaimed token value might approximately exceed $120m.  For more details users might want to check the May 07, 2021 publication:  Unclaimed Tokens, Community Treasury and IOTA AS: FAQ